oil tank has major leaks, what should we do? (help!!!)

[Spanky25]

Originally Posted by ooff

Thanks everyone so much! My husband post this. I told him that if you still want this house, it means you are crazy. We learned a good lesson. Spent over $1000 for home inspection but it well worth it, otherwise, I will cry everyday!

Owner did not allow us to do oil tank initially, I suspect that they knew this. Now I believe they are trying to go to buyers who agree to waive inspection.

We love this town a lot and it took us a long long time to find this house. We thought this time we can get it, I was excited about moving (already imaging what I do to enjoy this house). So we are very upset about the result. But we are very lucky, aren't we? If we did not fight to do oil tank inspection, we could be in big trouble.

BTW, I asked inspector "if you were me, will you walk away", he said "for sure I will walk away".

I am kind of scared and not sure when we can get a house, sigh... My agent told me every single house in this town(Manhasset) has an either oil tank in use or abandoned one, is that true?

Thanks again for your input.

That is the cheapest lesson you learned. Now find a new RE Agent.

[longislander2]

Don't buy the house if, as you say, there is known contamination. Yes, many other homes on Long Island have buried oil tanks. Ask about them and insist that the seller legally abandon the tank as part of the negotiation. I would not buy any home with a buried oil tank. The agent is correct that many homes in Manhasset have buried oil tanks, but that's no reason to buy one without demanding that the tank be legally abandoned before closing.

Also be aware that, even though Manhasset looks like a well-developed, mature area, many homes also have septic systems or cesspools and are not connected to sewers. This is something else to check as you look at different homes.

Neither sellers nor agents like to talk about the buried oil tanks. Every time I've brought it up when we've looked at a home, the agent sort of starts to sweat and kind of stumbles over it. But, as others have said, the liability can be huge if there is contamination.

[Spanky25]

Originally Posted by longislander2

Don't buy the house if, as you say, there is known contamination. Yes, many other homes on Long Island have buried oil tanks. Ask about them and insist that the seller legally abandon the tank as part of the negotiation. I would not buy any home with a buried oil tank. The agent is correct that many homes in Manhasset have buried oil tanks, but that's no reason to buy one without demanding that the tank be legally abandoned before closing.

Also be aware that, even though Manhasset looks like a well-developed, mature area, many homes also have septic systems or cesspools and are not connected to sewers. This is something else to check as you look at different homes.

Neither sellers nor agents like to talk about the buried oil tanks. Every time I've brought it up when we've looked at a home, the agent sort of starts to sweat and kind of stumbles over it. But, as others have said, the liability can be huge if there is contamination.

My was buried. I had a very difficult time getting homeowners insurance. For my own safety I it abandon a year later.

[Tarag]

Originally Posted by peabodyn

A little off topic but do you say you spent $1,000. for the home inspection?

I am wrong or does that seem way high?

We hired someone to do a general inspection on the house and cesspool and the results looks mainly fine. We also hired inspector for the oil tank and trouble surfaces up.

More then 1 inspection.